Subscription Based Accounting for Professional Services

Leveraging Billable Hours to Maximize Revenue

In a world full of billable hours, your time as a professional at a small firm, is precious. You need to focus on your clients, their cases and projects, and maximizing your time invested in revenue generating areas. However, the actual running of your business is one area that requires time and focus but does not make you any money. That is where we come in! Accounting is a critical part of running a professional service firm, and it can be a real drain on energy that could be used at a higher level elsewhere! Tracking expenses, generating invoices, and reconciling accounts can eat up hours of your time each week.

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Even if you already have accurate and timely financial data, are you confident in your ability to translate that data into meaningful information to help predict what will happen over the next few months with money coming in and money going out? What about a trusted advisor on whom you can rely on to make prescribed recommendations in these areas? These are all areas where a subscription-based accounting service can be a game-changer!

At its core, a subscription-based accounting service provides you with an accessible team that will manage your financial records, track expenses, generate invoices, make recommendations for process improvements, forecast cash flow, and much more. 

Here are 5 great reasons to consider engaging with Executive Allies:

 

  1. Time savings: As an owner of a professional service firm, your team's time is the most valuable asset in your company. By engaging in a subscription with Executive Allies, you can save hours of time each week that would otherwise be spent managing your financial records. This frees you up to focus on what you do best - serving your clients at the highest level of your ability.

  2. Saves money! Hiring a full-time accountant can be expensive, especially for small professional service firms. A good full-time controller in the Treasure Valley starts at $100,000 per year and a stellar CFO can range between $180-250,000 per year! Our services provide you with access to a full range of accounting skills, from staff accountants to CFOs, that are a cost-effective alternative that provides you with the same level of support and expertise. In addition, we provide a seamless service which means you don't have to worry about employee's going on vacation, quitting, or any of the HR headache that comes along with having employees.

  3. Accurate information: Accounting is a complex and ever-changing field. By using our accounting services at Executive Allies, you can be confident that your financial records are accurate and up to date. We will take care of all the details, so you don't have to worry about making mistakes or overlooking important details. In addition, if you already have a member of your team performing bookkeeping for your company, we offer training and team member oversight to ensure their data entry is correct and we also can act as a resource to them so they can elevate their knowledge and skills.

  4. Customization: Every professional service firm is unique, and so are its accounting needs. At Executive Allies, our subscription-based accounting services provide you with the flexibility you need, and our services can be customized to meet the specific needs of your small business. You can choose the features you need and leave out the ones you don't. We also don't have any long-term commitment required - we want to continually win your business and provide you with the best value possible!

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  5. Translation of information: Just like your profession is full of specialized jargon and information that others wouldn't understand, the accounting profession can be complex and, without someone there to turn the data into meaningful information, the time spent getting the information into QuickBooks Online is wasted. We have developed tools, specific to companies with billable hours, that translate, not only the financial information, but the non-financial information such as hours worked and available, into Key Performance Indicators (KPIs) that can help measure the health of your firm.

 

Whether you are an attorney, a CPA, a marketing professional or a business coach, making the decision to engage with Executive Allies can be the catalyst you need to scale your company! We can save you time, money and provide you with a peace of mind that your financial records are accurate and up to date. Even better, we can provide you with insight into your numbers to help you make more informed decisions to grow your business! 

Stay tuned for next month's blog on Key Performance Indicators you should be tracking in your professional service firm!

Contact us today to get started!

 

 

 

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